BSR sells 2 Texas housing complexes
BSR Real Estate Investment Trust has sold two apartment complexes in Texas for $147.9 million.
The sale includes Windhaven Park Apartments in Plano The Heritage at Hillcrest Apartments in Austin. Windhaven has 474 apartment units, and The Heritage has 286. The complexes have an average age of 38 years.
Net proceeds of $142 million were used to repay $59 million in mortgage debt, with the balance used to reduce the company's credit facility.
"We intend to reinvest the proceeds into investment grade properties situated in our core Texas markets of Austin, Dallas and Houston," Chief Executive Officer John Bailey said Tuesday in announcing the sales.
Since going public in 2018, the company has enhanced its holdings by selling off older properties and buying newer ones with multiple amenities in the booming Texas markets. BSR has acquired 19 properties for $1.1 billion and sold 39 complexes for about $760.5 million.
In announcing earnings earlier this month, the company said it planned to announced more acquisitions before the end of the year. BSR says it has about $400 million available for acquisitions.
-- Andrew Moreau
LR airport posts rise in passenger traffic
Passenger traffic at Bill and Hillary Clinton National Airport/Adams Field through the first 10 months of 2021 is within 70% of levels the state's largest airport saw before the covid-19 pandemic almost shut down air travel.
A total of 1,369,869 passengers passed through the airport through October, more than the 500,000 passengers the airport saw in the same period last year, according to the latest data.
Last month's total, 172,690, was 95% of the level seen in October 2021 and 85% of October 2019, which was before the pandemic.
Northwest Arkansas National Airport at Highfill saw its strongest month of the year in October when 146,846 passengers boarded or arrived at the airport. The total was more than 130% of the total passengers the airport saw in the same month in 2020.
The airport almost topped 1 million passengers for the year, tallying 974,232, a 59% increase over the same period in 2020.
-- Noel Oman
Arkansas Index sees down day in trading
The Arkansas Index, a price-weighted index that tracks the largest public companies based in the state, closed Friday at 855.25, down 22.07.
"Equities recovered from afternoon weakness following the release of hawkish minutes from the November Federal Reserve meeting to close modestly higher on light pre-holiday trading as the real estate and energy sectors outperformed." said Leon Lants, managing director at Stephens Inc.
The index was developed by Bloomberg News and the Democrat-Gazette with a base value of 100 as of Dec. 30, 1997.